Wintermute's latest market report indicates that Ethereum's key level to watch is $1,600, following a break below $1,900. The report highlights the absence of institutional demand, with the derivatives market showing low directional sentiment and trading appetite. Basis levels are at multi-month lows, put option skew is rising, and open interest has been declining since October. Bitcoin has struggled to break above $70,000, with price action remaining choppy and liquidity thin. Despite a brief buying interest from high-net-worth investors in altcoins, the market quickly reverted to volatility, suggesting a lack of conviction and readiness to reward early positioning. Capital flows are skewed towards selling, and marginal activity is driven by protection rather than conviction.